Summer's here. So are higher gas pricesThe price of gasoline increased 15 percent in the past three
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Summer's here. So are higher gas pricesThe price of gasoline increased 15 percent in the past three weeks, mainly because of refinery shutdowns in the United States. As motorists increase their driving in the coming months, the price is predicted to rise further.CNN Money, May 21, 2009Explain why the price rose in the past three weeks and why it is expected to rise in the coming months.When refineries shut down, ______ and the price of a gallon of gasoline ____.A.the supply of gasoline decreases; risesB.the supply of gasoline does not change; risesC.the demand for gasoline decreases; does not changeD.the demand for gasoline increases; risesE.the supply of and demand for gasoline increase; does not changeWhen motorists increase their driving in the summer months, ______ and the price of a gallon of gasoline ____.A.the supply of gasoline increases; does not changeB.the demand for and supply of gasoline increase; does not changeC.the demand for gasoline does not change; risesD.the demand for gasoline increases; risesE.the supply of gasoline decreases; rises
Related Book For
Macroeconomics Principles, Applications, and Tools
ISBN: 978-0132555234
7th Edition
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez
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